by: Sarah Joson
Wednesday, July 22, 2015 |
President Benigno Aquino III recently enacted two laws that are expected to improve the economic growth of the Philippines. This decision was lauded by Davao del Norte Representative Anthony del Rosario who said the new measures which will reinforce fair competition and pave the way for a liberalized shipping industry are “game-changers”.
The President officially signed the Philippine Competition Act and the Foreign Ships Co-Loading Act that modified the 50-year-old Cabotage Law in a ceremony in Malacañang. Leaders from both chambers of Congress attended the event.
Del Rosario, one of the principal authors of the anti-trust law, said the ruling will improve the country’s readiness for the upcoming ASEAN economic integration. He added that the recently signed law will enable and protect consumers as they move through a levelled playing field. Moreover, the country can now maximize the benefits of globalization.
The comprehensive competition law is expected to establish a Philippine Competition Commission, an organization that is expected to prosecute individuals and organizations involved in unfair trade practices.
The law states that entities that are found guilty of engaging in unfair business practices will be reprimanded and fined to amounts reaching P250 million - and rates are adjusted for inflation every five years. Violators can also be ordered to face seven years in prison.
Del Rosario noted that healthy competition in the shipping industry is expected as the new act allows foreign vessels to transport passengers and cargo within the Philippines.
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